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All Forum Posts by: Shayne Fee

Shayne Fee has started 5 posts and replied 70 times.

Post: Cap rates in Los Angles County

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

I think that's a very tough question to answer. Are you talking about duplexes in South Central? Single family? Large multifamily on the west side? There are so many different property types/locations I think calling out an average would be pretty tough...what kind of property are you interested in?

Post: Looking for Multifamily out of State!

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

Sure Ali! That's sounds great. I'll be in touch!

Post: How to deal with Tenant wear and tear?

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

@Melissa Croyl

See above. Tag didn't work in my last post.

And on insurance -- I think it's the landlords responsibility to make sure they are covered the way they want with their own policy or policies (I have a landlord and umbrella). 

Requiring tenants to have a renters policy and give you a copy and name you on it etc. is just another layer of complication and a deterrent when most other landlords in our market don't require it.

Post: How to deal with Tenant wear and tear?

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

@Melissa Croyl

Nothing that specifically defines wear and tear in the CA association of Realtors lease. 

They talk a lot about maintenance and the owner's right to charge the tenant for any damage except "ordinary wear and tear". Definitely leaves some room for interpretation! 

At least a few people here think it's totally ok for a green backyard lawn to be completely destroyed because I said they could have 1 dog! Haha...we used to live in this house and had 2 dogs and the lawn was in great shape when we left. 

A quick update: my 1 year walk through that was supposed to happen tomorrow is now set for next week. Tenant asked for extra time to get the carpets cleaned!

Post: How to deal with Tenant wear and tear?

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

@Jeff B. you're right and I will get a copy of any policy they have. Definitely going to make them repair anything that's damaged inside and leave the backyard for now. 

But what specifically is your point with the renters insurance? What kind of policy or terms do you think I should require them to get? I have never even considered requiring tenants to carry renters insurance because I have a landlord and umbrella policy myself. I assumed the renters policy would be for their property and at their discretion.

Post: How to deal with Tenant wear and tear?

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

@Thomas S.  thanks for the advice! Definitely love the distinction between tenant damage and wear and tear! I have been checking it out every couple of months...I humbly disagree that the state of the backyard is normal with dogs. Also, I only allowed 1 and they added a 2nd dog without permission. They may have also turned off the sprinklers that were on an auto timer. Just don't think it's normal for a green lawn in good shape to turn into a dirt pit!

Post: How to deal with Tenant wear and tear?

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

Thanks for the info/tips @Jeff B.! I like your take on how they changed the agreement when they added pets. So true! 

I think they do have renters insurance already but I don't know the details...wouldn't that just protect their own stuff??? I was always under the impression renters insurance covers the renters stuff and my landlord policy protects the house/me? No?

Hey @Kim Meredith Hampton can you give me a real example of what you mean by half/half on the fee/dep?

Post: Looking for Multifamily out of State!

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

Thnaks Paul!

Post: Looking for Multifamily out of State!

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

Hey David! Thanks for the welcome! I'll be in touch...

Post: How to deal with Tenant wear and tear?

Shayne FeePosted
  • Investor
  • Huntington Beach, CA
  • Posts 70
  • Votes 38

hey Kim! Can you give me an example of what you mean by half/half on the fee/dep on the pet?